Ultimate Out Of Business



Ultimate Electronics has shut its doors for good.

At press time, liquidation sales at the A/V chain’s last 30 stores were scheduled to end April 10 or sooner if all merchandise was sold.

Gordon Brothers Group and Hilco Merchant Resources, which conducted the fire sales, said all merchandise was marked down to as much as 70 percent off original prices. Items included TVs, computers, home-theater and audio systems, video equipment, digital cameras, GPS devices and major appliances from manufacturers including Bose, Sony, Mitsubishi, Samsung, Canon and Nikon. Store fixtures such as shelving, pallet racking and office furniture were also available.

“These final 10 days give us an opportunity to say farewell to our customers” as they shop the closeouts, Ultimate Electronics CEO Bruce Giesbrecht said earlier this month. “Stores will close … as merchandise is sold, so we encourage everyone to take one last trip to their local store.”

The company, founded in 1968 by Bill and Barbara Pearse and controlled by investor Mark Wattles since 2005, filed for Chapter 11 bankruptcy protection in January for the second time in six years after business soured, bills went unpaid and vendors severed their credit lines.

But the chain, which was also partially held by Hewlett-Packard, was unable to secure financing or access its cash collateral to fund operations, and opted in February to sell off its $86.5 million in inventory.

Sixteen stores were shuttered during the ensuing weeks which, together with the final 30 locations, leave some 1,500 staffers unemployed while closing the book on another storied A/V specialty chain.


Related Articles